In a move aimed at improving the efficiency of ATM services, the Central Bank of Nigeria (CBN) has announced the introduction of fees for interbank ATM withdrawals. This policy change, outlined in a circular dated February 10, 2025, will affect customers using ATMs of banks other than their own.
Effective March 1, 2025, customers will be charged ₦100 for every ₦20,000 withdrawn from another bank’s ATM. For off-site ATMs, such as those located in shopping malls and public areas, an additional surcharge of up to ₦500 will be applied per ₦20,000 withdrawal.
The CBN attributed the decision to rising operational costs and the need to promote the deployment of ATMs across the country. By introducing these fees, the apex bank aims to ensure that financial institutions apply appropriate charges for ATM services.
Notably, customers using ATMs of their own banks will not be subject to these charges. The CBN’s move is expected to accelerate the expansion of ATM services, enhancing convenience and accessibility for bank customers nationwide.